Published: 2025-02-07T00:16:35.000Z
Chart AUD/USD Update: Range-bound in consolidation, room for higher later
Technical Analyst
2
Range-bound within a narrow range below the .6300 high as prices consolidate the run-up from .6087 low
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 0.6400/15 | * | congestion, 38.2% | S1 | 0.6250 | * | congestion | |
| R3 | 0.6348 | * | Aug low | S2 | 0.6200 | * | congestion | |
| R2 | 0.6330 | ** | 24 Jan YTD high | S3 | 0.6131 | * | 13 Jan low | |
| R1 | 0.6300 | * | congestion | S4 | 0.6087 | ** | 3 Feb YTD low |
Asterisk denotes strength of level
00:10 GMT - Range-bound within a narrow range below the .6300 high as prices consolidate the run-up from .6087 low. However, this is expected to give way to break later to open up the current year high at .6330 to retest. Clearance here and the .6348 resistance will open up room for stronger recovery to retrace losses from the September high to the .6400/.6415, congestion and 38.2% Fibonacci retracement. Meanwhile, support remains at the .6250/.6200 congestion area which is expected to underpin and limit any corrective pullback.